Stephens Forecasts Strong Price Appreciation for Camden National (NASDAQ:CAC) Stock

Key Points

• Stephens raised its price target on Camden National from $58 to $59 but maintained an “equal weight” rating, implying just 0.36% upside from the prior close.
• Analyst sentiment is mixed, with MarketBeat reporting a consensus “Hold” rating and an average price target of $57.50; ratings range from Buy to Sell.
• Camden National’s latest quarterly results matched EPS estimates at $1.34 and exceeded revenue expectations, reporting $68.67 million versus a $67.91 million consensus.

Camden National (NASDAQ:CAC - Get Free Report) had its target price upped by research analysts at Stephens from $58.00 to $59.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Stephens's target price indicates a potential upside of 0.36% from the company's previous close.

A number of other research analysts have also weighed in on CAC. Weiss Ratings lowered shares of Camden National from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday. Hovde Group started coverage on shares of Camden National in a research note on Tuesday, September 15th. They set a "hold" rating on the stock. Zacks Research cut shares of Camden National from a "hold" rating to a "strong sell" rating in a research note on Friday, October 30th. National Bank Financial set a $58.00 price objective on shares of Camden National in a research note on Wednesday, October 28th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Camden National from $50.00 to $55.00 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $57.50.

Camden National Price Performance

NASDAQ:CAC opened at $58.79 on Wednesday. The business's 50-day moving average is $57.23 and its 200 day moving average is $52.62. Camden National has a 12 month low of $37.87 and a 12 month high of $60.99. The company has a market capitalization of $993.37 million, a P/E ratio of 11.07 and a beta of 0.58. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $1.34 earnings per share for the quarter, meeting the consensus estimate of $1.34. The business had revenue of $68.67 million during the quarter, compared to analysts' expectations of $67.91 million. Camden National had a return on equity of 12.71% and a net margin of 24.16%. On average, equities research analysts forecast that Camden National will post 5.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Sheets Smith Wealth Management increased its position in Camden National by 2.5% during the second quarter. Sheets Smith Wealth Management now owns 14,683 shares of the financial services provider's stock valued at $796,000 after acquiring an additional 363 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Camden National by 106.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider's stock worth $42,000 after purchasing an additional 452 shares during the period. Russell Investments Group Ltd. grew its holdings in Camden National by 5.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 9,851 shares of the financial services provider's stock valued at $545,000 after purchasing an additional 493 shares during the last quarter. Clearstead Trust LLC bought a new position in Camden National during the 2nd quarter valued at about $29,000. Finally, Vise Technologies Inc. grew its holdings in Camden National by 10.0% during the 3rd quarter. Vise Technologies Inc. now owns 9,796 shares of the financial services provider's stock valued at $542,000 after purchasing an additional 894 shares during the last quarter. 77.41% of the stock is owned by hedge funds and other institutional investors.

Camden National Company Profile

Camden National Bancorp, Inc. is a bank holding company headquartered in Camden, Maine. Its principal subsidiary, Camden National Bank, traces its roots to 1875 and provides banking and financial services to individuals, businesses and institutions. The bank offers personal and business deposit accounts, lending, mortgage and cash-management services, as well as wealth management, trust and investment services. Its service area is centered in Maine, where it operates branches and serves customers across the state.

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